Classic Car Dealers in the US Update By Report By IBISWorld

Classic Car Dealers in the US Update By Report By IBISWorld

‘The increasing popularity of classic cars will boost industry revenue.’

Revenue – $1bn
Annual Growth – 0.8%
Employment – 2,365
Businesses – 421

IBISWorld’s Classic Car Dealers market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Classic cars are highly discretionary purchases; therefore, demand for the industry is extremely elastic among most US consumers and depends on prevailing levels of per capita disposable income,” IBISWorld Economic Analyst Nick Petrillo states in the findings.

What is the Classic Car Dealers Industry?
This industry sells classic and antique cars. IBISWorld defines a classic car as either a foreign- or US-made vehicle that was manufactured more than 25 years ago and is no longer in production. An antique car is defined as a vehicle manufactured more than 45 years ago. Companies may sell previously purchased cars or third-party vehicles on consignment. They may also sell vehicles at an auction, but individuals who sell their own cars at an auction are excluded from this industry.

Industry Analysis & Industry Trends
As economic recovery picks up steam, demand for classic cars of all makes and models is anticipated to grow. That growth will encourage more companies to enter the industry, increasing competition. Long-term industry growth prospects will also be moderated by external competition from online-only dealers. Web-based car dealers pose a formidable external threat to the industry because these firms can market to an international audience and have lower operational costs.

Industry Report – Industry Products Chapter
Classic Car Dealers primarily engage in the sale of classic and antique car models. While some restoration and modification services account for a small share of industry revenue, sales of classic cars provide the industry’s main source of revenue. Sales of both classic and antique cars have improved over the past five years, as increasing levels of per capita disposable income in the years following the recession have generated increasing interest among consumers of all income levels. The industry’s car sales can be broken down beyond classic and antique distinctions. Auctions typically showcase cars by categorizing them into distinct groups, such as muscle cars and American classics.

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